Disability Insurance If Self Employed

Yes. In fact, as a self employed person, disability insurance may be even more important for you than for the average employee. If you suffer an injury and are unable to work, you don't have the built-in luxury of paid sick leave to tide you over. Thus, you should take a serious look at your financial situation and decide whether your cash reserves are sufficient to carry you through an extended disability. If not, disability insurance may be a good idea for you.

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If you choose to purchase it, disability insurance could be the only thing that prevents you from losing your home, your business, etc. If you're unable to work for an extended period of time because of an injury or illness, disability insurance provides a financial safety net by paying you monthly benefits until you are able to return to work. Since your business is likely your only source of income, your disability insurance policy should have as short a waiting period as possible. Most disability policies have waiting periods of 30-180 days after the onset of the disability or illness, but you can typically negotiate for a shorter waiting period. Keep in mind, however, that your premium may increase as the waiting period gets shorter.

Since you can't get disability insurance through your employer, you will have to purchase it on your own. This is typically not difficult to do. In fact, many people purchase individual disability policies to supplement the coverage provided by their employers.

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